Traditional payment cards are often usable on a single payment network, such as a credit card payment network. In more recent times, some payment cards have been issued that can operate on multiple payment networks in instances where a single entity operates both payment networks. Because the payment networks are operated by a single entity and often utilize the same hardware and systems, the processing of transactions across both networks can be more easily enabled and managed.
However, the types of payment networks that currently exist can be very vast. For instance, some payment networks may be large, international payment networks with hundreds of thousands of member merchants where a consumer can use a single payment card, while other networks may be small, customized networks for as little as a single merchant providing specialized, unique services to their consumers. One such type of specialized payment network is a transportation network. Such a type of transportation network is a closed payment network that enables a consumer to use a single, prepaid payment card at any point of sale in the system in order to pay a fare. By using a unified network across all points of sale in the system, convenience for consumers is greatly increased, which can increase participation and therefore overall revenue.
However, such a closed payment network that uses only prepaid payment cards can lack a number of benefits that consumers may enjoy that are provided by other payment networks. For instance, if a consumer is unaware of their balance and does not have sufficient funds to pay for a transaction, the consumer may be unable to proceed. In instances where time may be important, such as the catching of a bus or a train in a transportation network, it may result in the consumer being unable to complete the transaction, resulting in a decrease in both revenue and consumer satisfaction. Furthermore, by requiring the consumer to constantly reload their prepaid card, added time is lost for the consumer whenever they need to reload their card, which may sometimes require them to visit locations separate from their departure or destination point. Similarly, the payment network being separate from other payment networks also necessitates consumers carrying multiple payment cards. This may be inconvenient to some consumers, resulting in decreased participation, and can also be inefficient, resulting in lost or misplaced payment cards, which can further decrease participation and revenue.
Thus, there is a need for a technical system that enables a payment network to provide both prepaid transactions as well as a type of post-payment transactions for increased consumer convenience, and also to provide the ability for a payment card to be used on an additional payment network to further increase use and participation. The use of a hybrid payment card on multiple payment networks, and one that is enabled for use for both prepaid and post-payment transactions, may result in increased adoption and use, thereby increasing consumer participation and revenue for both payment networks and their associated merchants.